If your home or property has been on the market for a long time without many signs of a buyer, you may be considering lowering your asking price. This might even be encouraged by some estate agents, Bolton. It does seem logical to reduce the price to try and gain more interest. However, dropping your asking price is not necessarily always the way to go. In fact, it can actually have a negative effect rather than a positive one.
Estate Agents, Bolton
Take into consideration what people will think when they see a house which has just reduced its asking price:
Is there something wrong with it? If a property has dropped in price, people begin to ask questions. Why hasn’t it managed to sell so far? What is wrong with it? Why the dramatic drop in price? This will all just create negativity around the property. While your home may suddenly attract a few extra viewings, they’ll be walking around looking for faults everywhere and wondering why it wasn’t sold already.
The value of worth. Everyone loves a good bargain, there’s no denying it. However, it is a bit different when it comes to property. Since it’s a long term investment, people want to feel like they are buying into something worthwhile and valuable. Buyers don’t mind spending that bit more if it means they are getting their dream property. Dropping your asking price will dent the impression of quality and your property will suddenly seem less alluring.
Confidence. If you see a product’s value constantly falling on the market, would you buy it? Chances are, the answer is no, even more so if it is property. A fall in price indicates a lack of confidence in your own home and its original value. If you want to instil confidence into your buyers, you need to be firm and confident about your price.
Cardwells Estate Agents, Bolton, are more than happy to help when it comes to the minefield of the property market and asking prices. Call in store and let us guide you through.
